Start young, save heaps

Signing up for private health insurance before you reach the age of 30 is one of the major carrots offered by the government under its Lifetime Health Cover plan. Anyone joining a health insurance fund up to the age of 30 pays the base premium. A person joining after age 30 pays a premium that is 2% higher for each year over age 30 that they are when they first take out cover.
For example – a person who does not have health insurance and joins a fund when they are 40 years of age will pay a premium loading of 20% (10 years multiplied by 2%). Provided they remain covered, that loading does not increase with age - it will stay at 20%.

The 'continuity' benefit is transferable between funds and allowance is made for small gaps in cover. The maximum loading is 70% and that loading would apply to anyone who first takes out health insurance at age 65 or more. The loading is removed once a person has held private health insurance continuously for 10 years.

Health Insurance ...